it appears likely that posters questioned sppi numbers, data, forecasts, insider selling, excessive comp package to the ceo, huge reverse split history, integrity, etc. on this board long before stockstoshort recently arrived here. If those who questioned or challenged these topics were bashed and reported for abuse as often i've been during my brief tenure, there is no grounds to file charges against anyone here. this is a chat room, not your sole source of due diligence analysis and study. nobody should make buy-sell-hold decisions based on pump or bash dudes words. nobody even uses their name, its a fictional world here.
in light of the most recent revenue warning, coming less than one month after rather glowing forecasts, why should anyone trust anything sppi now forecasts about the balance of 2013? dont be surprised if they end up lowering Q3 and Q4 revenue forecasts, and do additional fundraisers to support their various phases of research testing.
i will stand corrected when insiders start buying with their own money instead of selling, and when sppi announces they've been aggressively buying back stock in the $7s $8s. surely all these attorneys arent jumping on the class action bandwagon if there are no grounds for litigation success. these attorneys dont take class action contingency basis lawsuits that they believe they will lose.
I've been thru this before recently with Green Mountain Coffee Roasters in 2011. They had rosy forecasts; their stock price was way overinflated; they were under federal investigation for their accounting practices. David Einhorn shorted them and gave a presentation that caused a major selloff and then many law firms came with class action suits. In some ways, their situation looked grimmer than Spectrum right now. To my knowledge, none of the lawsuits have made any money to date-and some were outright dismissed by judge. GMCR rebounded and has doubled from its low, although it is still half of its former high. As bad as everything looks with Spectrum right now--and it well could get worse--I would be very surprised if any of the law firms will win, because it would be very hard to prove that management knew in advance that the fusilev market was going to dry up. Besides, most of their actions IMO support the idea that they were going to have more profit--hiring several former Amgen managers, significantly increasing the size of their salesforce, and increased R&D spending--why do that if you know you're about to fall off a cliff? Raj's selling looks suspicious for sure, but that is only one factor. Well, now comes the hard part of sitting and waiting to see what happens next--and hoping that we really didn't get screwed:) I am definitely not going to sell right now at these ridiculously low prices out of fear.
This is a not a chat room as far as your concerned since most statements are twisted to fit your agenda. Anyone with experience in the stock market can see that but those new to investing are hurt by slanted information. I am concerned that after over 50 years of investing, I see so many more people are trying to make a living through the distruction of others rather then building by investing. No wonder this country is in so much trouble.
Are you really clueless and dumb? Lawsuits have no merits and will not be able to show any wrong doing. Most lawsuits are so the law firm makes money. If anything the shareholders of record will get 0.0125c/share they owned. It is a noise and nothing more. Co. can show unusual market trends and inability to forecast effectively and may even admit incompetence but the Court cannot ask the Mgmt to vacate based on incompetence.
Shareholders like you who voted for the Mgmt and rewarded them in every proxy are to be blamed.
Obama administration and some Democrat lawmakers talked the big talk about Bank CEO pays, but they never really had any intention to do anything. Easiest way to fix high CEO Comps in every listed Co. is to not allow Brokers to vote proxies in favor of the Management. Broker votes should not be counted at all because they also provide research services, M&A services etc and want preferential treatment from the Mgmt like private investor conferences CS recently organized for SPPI. If there is a lawsuit which has any merits it is for unfair and improper disclosure regardless the longs will lose more money because the lawyers will take the loot.
Lawyers are throwing darts and hoping it will stick, in this case it will not. IMO.
you said:It is a noise and nothing more.
$80m was lost in this racket of feeding false and misleading information to the public. You must be leaving in a different world to say this is noise. $80m will need to be returned by spectrum to its shareholders in the class action period to make up for their loss.